Financiers pump $40M into Beceem on promise of mobile WiMAX

Beceem Communications, a WiMAX chipset vendor, announced it raised more than $40 million in its latest round of venture financing to expand on its position in the mobile WiMAX market.
The WiMAX chip manufacturer said the investment will largely be used to develop and launch new products for the network technology, as well as support its growing number of clients. The company’s leading investors included Teachers’ Private Capital and NEC Corp.
“The mobile WiMAX market is a space with significant investment opportunities,” Beceem CFO Mary Dotz said. “We are proud that some of the most sophisticated investors in the industry have recognized our market position and growth potential, as evidenced by their investment in Beceem. The funding is critical for us to continue the growth of our organization as we scale for success at a time of exponential growth in the mobile WiMAX market.”